Published: Sep, 2018
The global oilfield chemicals market is prognosticated to see immense growth opportunities in the forthcoming years, according to report published by Transparency Market Research (TMR). The vendor landscape of the global oilfield chemicals market features intense rivalry with players competing on factors like quality, price, branding, and distribution channels. The competitive landscape is currently highly fragmented with a large pool of local as well as global vendors. The entry barriers for new entrants is low, with easy availability of raw materials and their suppliers. Prominent market players are focused on superior manufacturing practices, and product distribution through third party channels or direct distribution networks. Market vendors are increasingly focusing on the adoption of strategies such as joint ventures, and mergers and acquisitions, for improved penetration into regional markets in order to gain a foothold all across the globe. For instance, recently Baker Hughes and GE Oil & Gas entered into a collaboration for creating the world’s first and only full stream Oil and Gas Company.
Prominent vendors in the global oilfield chemicals market are BASF SE, The Dow Chemical Company, AkzoNobel N.V., Kao Chemicals, and Gumpro Drilling Fluids Pvt. Ltd, among several others.
According to TMR’s projections, in terms of volume, the global oilfield chemicals market is projected to exceed 41 million tons from 2018 to 2026. In terms of value, the global market is expected to rise at a 7.1% CAGR over the forecast period.
Swaying Inclination towards Unconventional Drilling to Drive Growth
Demand for oilfield chemicals is driven not just by both exceedingly unstable boring movement and consistently rising oil and water generation volumes yet additionally by the expanding utilization of earth agreeable products and an expanding center around working cost investment funds. The flat penetrating procedure requires innovation with higher precision contrasted with vertical boring. The expense of level boring is substantially more than customary boring methods. This expands the generation cost of shale gas and subsequently, it is costly than unrefined petroleum. Nonetheless, this situation is anticipated to change because of innovative improvements and penetrating of more number of shale gas wells.
Upgraded oilfield chemicals utilization in wide range applications including solidifying, boring, production, and enhanced oil recuperation will fuel the market development. Rising demand for cutting edge water based penetrating liquids and developing interest for the profound and ultra-profound water based boring ventures clears smart methods for the business. Improving efficiency and streamlining costs are additionally anticipated that would enhance market growth.
Growing Demand for Eco-Friendly Chemical to Create Novel Opportunities
Biocides is a product segment that is expected to exhibit generous demand over the forthcoming years. The segment is expected to develop over duration of forecast on account of its expanding use in offshore operations. They are utilized to ensure the water muds which contain normally happening gum. Their anti-microbial capacities are anticipated to drive the demand offshore operations.
Because of regulatory standards, the makers are selecting ecologically neighborly chemicals in oilfield applications. This will result in simplicity of transfer of such products. The dangers of utilizing manufactured materials in activities can likewise be decreased altogether. These natural products practice a higher control over its partner as far as directions and goes about as a potential substitution. The increased acceptance and demand for the use of eco-accommodating substances is expected to augment the opportunities for the vendors in the global oilfield chemicals market in the forthcoming years.
This review is based on TMR’s report titled, “Oilfield Chemicals Market (Product - Biocides, Corrosion and Scale Inhibitors, Demulsifiers, Surfactants, Polymers, Lubricants, Hydrogen Sulfide Scavengers, Fluid Loss Additives; Application - Production Chemicals, Drilling Fluids, Well Stimulation Fluids, Cementing Fluids, Enhanced Oil Recovery, Workover and Completion) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026.”Top of Form
The market is segmented along the following lines:
Global Oilfield Chemicals Market, by Product (Revenue [US$ Mn]; Volume [Kilo Tons]; 2017–2026)
- Corrosion and Scale Inhibitors
- Hydrogen Sulfide Scavengers
- Fluid Loss Additives
Global Oilfield Chemicals Market, by Application (Revenue [US$ Mn]; Volume [Kilo Tons]; 2017–2026)
- Production Chemicals
- Drilling fluids
- Well Stimulation Fluids
- Cementing Fluids
- Enhanced Oil Recovery
- Workover & Completion
Global Oilfield Chemicals Market, by Region (Revenue [US$ Mn]; Volume [Kilo Tons]; 2017–2026)
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- Rest of MEA
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